Financial Aid Information
There are many students whose family resources are insufficient to meet the cost of a college education without special assistance. The Director of Financial Aid in the Student Financial Services Office and the Student Aid and Awards Committee of the faculty attempt to identify such students and arrange assistance for them consisting of scholarships, grants, loans, and work opportunities.
About 59 percent of Guilford College students receive need-based financial assistance (averaging $17,716 in 2007-2008); another 33 percent receive some type of financial assistance, such as merit awards or entitlements. All students benefit from income from endowment funds, since tuition and other expenses are set below actual costs.
Basis of Awards
In granting or renewing financial aid, the Student Aid and Awards Committee takes into consideration both satisfactory academic performance and financial need, according to the terms of the particular scholarships available. Financial aid may be continued for students placed on academic probation. However, financial aid may be terminated unless a C (2.00) average is earned during each term of academic probation. Please note: financial aid based on need is not automatically continued but must be applied for each year.
The Bonner Scholars Program
More than simply a form of financial aid, Guilford's Bonner Scholars Program provides deserving students the opportunity to continue their community service interests throughout their college years. In addition, Bonner Scholars enjoy a unique opportunity to form friendships with other students who share their commitment to service, both on the college campus and in the wider Bonner Foundation network. In this way, students are encouraged to extend their learning beyond the classroom through participation in and service to the wider community.
School year Support: $2,100 ($1050 per semester) is allocated to each Bonner Scholar during the school year as a replacement for college work-study earnings, providing the student completes the required 10 hours of service a week. These funds should support indirect costs such as books, transportation and personal expenses.
Summer Earning Stipend: $1,500 is provided to each Bonner Scholar entering the sophomore, junior or senior year as an earning stipend after fulfilling the previous summer's 280-hour service commitment.
Loan Reduction Award: At the time of graduation, each Bonner is eligible to draw $1,600 from the Loan Reduction Fund to be used for the sole purpose of reducing total loan indebtedness incurred while at Guilford.
Aid for Quaker Students
To the extent that restricted Quaker funds are available, Guilford College follows the guidelines below for financial aid to Quaker students and ministers.
Quaker Leadership Scholarship Program
In an effort to recognize leadership potential among young Friends and to cultivate that potential, Guilford College offers an average of eight to ten Quaker Leadership Scholarships to each entering first-year class. Scholars are selected on the basis of interest in the Religious Society of Friends, leadership, and academic potential.
Students selected as Quaker Leadership Scholars receive financial awards up to $3,000 per year, renewable for four years. In addition, the college will award another $500 per year if matched by the student's monthly meeting or other Quaker agency. Quaker Leadership Scholars must participate in a variety of program activities that include mentoring, community service, internships, Quaker studies courses, and involvement in campus groups. The program is coordinated through the Campus Ministry Office and Friends Center.
Aid for Quaker Ministers
Recorded Quaker ministers serving North Carolina Friends Meetings who are degree-seeking students are eligible for financial assistance equal to the cost of full tuition up to and including 18 credits per semester. If the student attends college full time and receives the North Carolina Legislative Tuition Grant, the amount of Quaker funds will be reduced accordingly.
Aid for Quaker Ministry Candidates
Candidates for Quaker ministry may qualify for up to $1,000 per year in loan/grant funds, according to need, if the sum awarded is matched by an equal contribution from the student's monthly, quarterly or yearly meeting (or a combination of these). If, after leaving Guilford College, the student is employed full time in a professional capacity in North Carolina Yearly Meeting, she/he may have the loan canceled on a proportionate basis. Applications should be made to the Director of Student Financial Assistance and Planning.
Aid to North Carolina Residents
To qualify for North Carolina state grants, a student must have established legal residence (domicile) in North Carolina and maintained that legal residence for at least 12 months immediately prior to the beginning of the semester. Grants are not available for students who have earned a bachelor's degree or have qualified for such a degree.
North Carolina Legislative Tuition Grant
During the 2007-2008 academic year, $1,950 was credited to each full-time North Carolina student's account. Need is not a determining factor. The student must be an undergraduate enrolled for 12 or more credits on October 1 for the fall term and on the 11th day of the spring term.
North Carolina State Contractual Scholarship Fund
The State of North Carolina provides scholarship assistance to needy North Carolina students attending private post-secondary institutions. During the 2007-2008 academic year, $1,217,000 was distributed on the basis of need to Guilford College students from North Carolina.
Federal Grants and Student Loans
The Federal Pell Grant Program is administered by Guilford College. The amount of each grant ranges from $400 to $4,310 and is determined by a Congressionally approved schedule. Application for a Pell Grant is made via the Free Application for Federal Student Aid.
The Federal Supplemental Educational Opportunity Grants (FSEOG) are available for students from low income families with exceptional financial need who require these grants to attend college. Grants range from $200 to $4,000 a year, depending on need, for a maximum duration of four academic years.
The Federal Perkins Loan Program offers loans to be repaid within 10 years with an interest rate of five percent. Payments begin six months after the student leaves school. Deferments may be granted with no interest to be charged for up to three years for a variety of postgraduate study and working experiences. All students receiving this aid are required to complete a Perkins promissory note.
Federal Stafford Loan Program (FSLP)
FSLP loans are federally insured. Your completed Free Application for Federal Student Aid serves as your official application for a Federal Stafford Student Loan. If you are warded a FSLP, it will be included on your Financial Aid Award and Agreement. You will receive an official promissory note. In order to receive the loan, you should simply sign and return the award letter and complete and return the Federal Stafford Student Loan promissory note. Once these documents are received, your loan proceeds will be transferred electronically to your tuition account. (in the few instances when students are due a refund, a college check will be issued.)
There are two versions of the FSLP. The FSL is a need-based loan while the Unsubsidized FSL is not need-based. Once the Student Financial Services Office has determined your eligibility for either of these loans and indicated so on your award letter, you must return the above referenced letter and promissory note to receive these funds. If you are awarded either of these loans and wish to decline it, simply indicate your rejection of the loan on your signed award letter, initial the change, and return to the Student Financial Services Office. The Student Financial Services Office will remove any reference to the loan(s) on your award and the Business Office will not anticipate any funding from these sources.
Loans which are accepted by the student, but for which a properly executed promissory note is not received, will be revoked and the student will be billed for any resulting unpaid balance. Your signature on your financial aid award letter with Federal Certification Form, certifying that you have read the Student Consumer Information Bulletin and your award letter, signifies your acknowledgment of this debt and your responsibility to pay it.
Parents wishing to apply for the PLUS version of the Federal Stafford Loan Program must complete a separate application form. Parents should contact the Student Financial Services Office for and application, if they wish to use the loan and an application was not included in the packet of materials that accompanied their student's financial aid award letter.
Work Opportunities
Guilford College operates a Student Employment Service to assist students who need to work while in school. Placements are made in a variety of jobs, both on and off campus.
The college also administers a federally funded work-study program as well as an institutionally funded work program for which students may qualify on the basis of need.
Part-time work is available in the library, cafeteria, offices, laboratories, physical education center, and maintenance area.
Student Loan Options for International Students
Guilford College is pleased to make available to you a variety of student loan programs to assist you in your efforts to make a Guilford experience possible. These loans are provided by banks and lending institutions. They carry very reasonable interest rates and repayment plans. As an international student, you may apply for assistance through any one of these programs. You must be able to provide a credit-worthy co-signer who is either a U.S. Citizen or a documented U.S. Permanent Resident.
If you choose to utilize any one of these loan alternatives, you should go directly to the lender's web address listed below. Follow the lender's instructions carefully. When you have completed the online application with the lender of your choice (and if your application is approved), the lender will notify Guilford College. At that point we will contact you with a financial aid letter that includes the anticipated funds from your loan.
If you need assistance with this process beyond what you are able to receive from the lender, please contact the Student Financial Services Office at Guilford College.
Guilford College
Office of Student Financial Services
5800 West Friendly Avenue
Greensboro, North Carolina 27410
Attention: Anthony Gurley
Director of Student Financial Services
(336) 316-2142 (Office)
(336) 316-2942 (Fax)
Roster of Preferred Student Loan Options for International Students